Inside the extravagant money and parties that define cryptocurrency craze

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Kirby Chicas quit his job as a General Electric account manager in Toronto a few months ago to chase a dream he’s had for years — to help start a revolution in bitcoin-like cryptocurrencies. Just three weeks into his new job at a startup called Decentral, the 29-year-old engineer was whisked to New York for a blowout party Wednesday night to mark his company’s debut. see also SEC uses mock website to warn investors about cryptocurrency Sometime you have to act like a huckster to catch… One of Chicas’ party-night jobs was to hand out white electronic wristbands that would light up to the beats the party’s DJ was putting down. And oh yeah, two of the wristbands would light up post-party to alert the lucky winners of a couple of 0,000-plus Aston Martin sports cars. The party, a six-hour cruise to the Statue of Liberty and around Upper New York Bay, capped a crazy week of crypto-currency conferences around the Big Apple. On display at the conferences was one of the most ostentatious displays of wealth that New York has seen since the peak of the subprime mortgage boom more than 10 years ago. An 18-fold run-up in bitcoin value in 2017 and some billion in money raised for other crypto-assets will create that kind of ostentatiousness. During the week one company, Ripple, had wrangled Snoop Dogg to play a private show in the West Village for about 200 people. The rap star later showed up to an after-party at 1 Oak and was joined by celebrities from A-Trak to James Murphy, founder of LCD Soundsystem. In that regard, Wednesday’s Decentral party was just another million crypto-blowout. Decentral, a new venture by Ethereum co-founder Anthony Di Iorio, 43, rented out the 210-foot party yacht Cornucopia Majesty. The company is launching an app in July which, Di Iorio says, will be like his industry’s Netscape, and allow anyone to invest in cryptocurrencies. But really, the event was a coming-out party for a new, and suddenly wealthy industry that has few regulations and isn’t chastened by scandals that have held back Wall Street and now Silicon Valley. Thanks to barely there government oversight and a gold-rush mentality surrounding bitcoin, people have flocked to start their own copycat coins which, they hope, will be the next big thing. “It’s perplexing,” said David Tran, a VP of marketing at Coinberry, a trading app that hopes to continue bringing cryptro-currencies to the mainstream and to shed its image as mainly being used by drug dealers. “It feels like the 1990s internet.” As a partygoer asked Tran about his company, another attendee sidled up and shouted, “Coinberry!” — wrapping his arm around Tran. “I love Coinberry,” said the man who was suddenly Tran’s best friend. “I’m, like, a criminal, and I got verified [cleared to trade on Coinberry] right away.” As the yacht — with its 30,000 square feet of party space — pulled out of Pier 81 on Manhattan’s West Side, scores of young women wrapped in form-fitting black party dresses paired
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Inside the extravagant money and parties that define cryptocurrency craze